Time is up, earthlings! It is now my duty to present to you the Best Forex Trading System (BFTS) of May! Congratulations to...
Unlike many other systems out there, the Forex Price Action system stands out because it does not rely on any indicator. Instead, Johnathon sticks to basics and points out clear chart patterns and candlestick formations.
According to Johnathon, "Humans are very habitual. Traders tend to do the same things and react the same way over and over again when presented with similar circumstances."
Based on this theory (which, in my observations, is mostly true), Johnathon believes you can make trading decisions based on chart formations that all other traders can see and react to.
For example, as Johnathon points out in the explanation of his system, pin bars can be seen as a strong signal of which direction price action can move in over the short term.
Unfortunately, I will not be able to backtest Johnanthon's price action system. It is too discretionary and without a set of hard rules to follow, backtesting would be open to too many possibilities and different scenarios that even my dual core processor cannot handle.
But even though I won't be able to backtest Johnathan's trading system, he is still entitled to the prizes awarded to BFTS winners!
We will donate $50 to a charity of his choice (listen in our Golden List of Charities) on his behalf. On top of that, $2 will also be donated to this month's charity (Mercy Cops) because we had two entries for May.
You will also see Forex Price Action featured on the homepage for an entire month. And of course, Johnathan Fox will also join the Best Forex Trading Systems Hall of Fame!
Well, that concludes May's contest. But don't fret earthlings! It also means that June's Best Forex Trading System contest is now open!
Whether you're a professional trader, forex newbie, robot, or monster -- anyone can join! All you have to do is follow the contest rules and regulations and you're all set!
May the odds be ever in your favor. Let the games begin!
- August's Best Forex Trading System: One Week to Go! 23:52 20 August 2012
- November Best Forex Trading System Contest: Still Open for Submissions 00:32 20 November 2012
- Vote for May's Best Forex Trading System! 21:02 29 May 2012
- Winner: April's Best Forex Trading System Contest 23:45 01 May 2012
- Winner: January's Best Forex Trading System 22:46 04 February 2013